Business

Shanghai a magnet for foreign dollars

Shanghai continues to be a budding highland for attracting and spending foreign investment, the city mayor Ying Yong said on Wednesday.

Ying, who was speaking at a media briefing regarding Shanghai's high-quality growth, said that the city's use of foreign capital reached $17.3 billion last year, accounting for 12.8 percent of the national total.

Shanghai is now home to some 50,000 overseas companies, the highest number of foreign firms among all cities on the Chinese mainland.

These include 677 regional or country headquarters and 444 research and development centers.

Foreign companies, which account for just 2 percent of all types of enterprises, have created one-fifth of all job opportunities, contributed to 27 percent of GDP and roughly one-third of tax income, 60 percent of industrial output and 65 percent of import and export in the city, according to official statistics.

Shanghai-based enterprises are also well-positioned to expand their businesses to 178 countries and regions. Notably, the trading of goods with countries along the Belt and Road Initiative account for one-fifth of the city's overall import and export volume.

The city also plans to host around 10 roundtable sessions this year with foreign companies, a move aimed at improving engagement between the government and enterprises, said Yang Chao, deputy director of the Shanghai Commerce Commission.

A list of renowned MNCs, including Johnson &Johnson, GE and Bosch, have or are on course to unveil innovation incubators in Shanghai, he added.